Wed, Sep 01, 2010 - Page 11 News List

[ BUSINESS BRIEFS ]

STAFF WRITER, WITH AGENCIES

TAIEX follows Wall Street fall

The TAIEX closed down 1.61 percent yesterday as investors reacted to a Wall Street fall overnight amid renewed concerns over weakening global economic fundamentals, dealers said.

The TAIEX fell 124.92 points to 7,616.28, after moving between 7,577.10 and 7,687.47, on turnover of NT$115.80 billion (US$3.62 billion).

The market opened down 0.93 percent after Wall Street’s 1.39 percent decline pushed the Dow Jones Industrial Average to the brink of tumbling below the key 10,000 barrier, dealers said.

Selling accelerated across the board with Hon Hai Precision Industry Co (鴻海精密), the world’s largest contract electronics manufacturer, dragging down the index on weaker-than-expected results for the first half of the year..

A total of 3,087 stocks closed down and 692 finished higher, with 151 remaining unchanged. Foreign and Chinese institutional investors were net sellers of NT$5.3 billion in shares on the day.

Taiwan and Ireland talk

Taiwan and Ireland opened a two-day conference in Dublin on Monday to discuss cooperation on sustainable energy technology, Taiwan’s representative to Ireland said the same day.

The joint conference, sponsored by the National Science Council (NSC) of Taiwan and the Science Foundation Ireland (SFI), has five major topics on its agenda — applications of information and communication technology, ocean energy, renewable energy, solar energy and smart grids.

The conference has been planned for about two years and has finally been organized thanks to the aid of the NSC and the SFI, Taiwanese Representative to Ireland Lee Nan-yang (李南陽) said at the opening ceremony.

“Taiwan and Ireland are both devoted to the development of green power,” Lee said. “I hope the joint conference will increase opportunities for cooperation on green power technology between the two countries,” he added.

Over 70 representatives attended the conference, including officials of state-owned companies and scholars from both countries.

China firm seeks TAIEX listing

Chunghong Holdings Ltd (昶虹), a Chinese printed circuit board (PCB) firm, is seeking to raise funds in Taiwan through a primary listing on the local main board, underwriter Capital Securities Corp (群益證券) said on Monday.

Capital Securities said Chunghong, which is registered in the Cayman Islands, is planning to issue 7.61 million new shares to raise about NT$216.8 million (US$6.77 million) and has filed an application with the Taiwan Stock Exchange for the listing.

According to its prospectus, Chunghong expects the listing to be completed in the first quarter of next year.

Aside from making PCBs, Chunghong also provides surface mount technology to make electronic circuits in which the components are mounted on the surface of the PCBs.

Chunghong, which was founded by Taiwanese businessmen operating overseas, was listed on the Singapore Exchange in 2007 but delisted voluntarily last year.

FET appoints new president

Far EasTone Telecommunications Co (FET, 遠傳電信) promoted Chief Commercial Officer Yvonne Li (李彬) to the post of president, replacing Jan Nilsson who stays in his role as vice chairman, effective from Sept. 10, the Taipei-based operator said in an exchange filing yesterday.

NT falls against US dollar

The New Taiwan dollar fell against the US dollar yesterday, declining NT$0.042 to close at NT$32.102.

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